Widely regarded as one of the best commissioners in all of sports, Stern turned basketball into a multi-billion dollar global business after the NBA had struggled to find its place on the sports landscape more than three decades ago.

"It's been a great run," Stern, 70, said. "It'll continue for another 15 months. The league is in terrific condition."

Silver taking over is no surprise; he was Stern's choice from the start.

"One of the things I did best was provide a successor," Stern said.

"Adam has the respect of the owners and the players, he has expertise in the very important areas of social media, international and television, all of which report to him. That focus has only been intensified over the past several years, while at the same time his portfolio has been broadened to include collective bargaining and other matters as well."

Said San Antonio Spurs owner Peter Holt, the newly named chairman of the NBA's Board of Governors: "I love David personally and love Adam. When there are 30 owners and there is David and Adam, we all get to know each other pretty well. Sometimes in a good way, and sometimes not necessarily in a good way, but the point of it is the respect, the love is there, not only for each other, but for the sport.

In an e-mail to USA TODAY Sports, Dallas Mavericks owner Mark Cuban, who has been fined nearly $2 million by the NBA, wrote: "Contrary to what most people think I'm a huge fan of David's. We didn't always agree but we have always respected each other. It won't be the same when he leaves. I guess we will have to think of something good to name in his honor."

Stern's influence has been near and far, managing all aspects of on- and off-court competition, marketing and business endeavors.

The league's revenues are projected to be $5 billion this season with strong ticket sales, TV deals and global business initiatives using a variety of traditional and digital platforms.

The rise in player salaries has been curbed because of the rookie salary scale and soft salary cap,

Stern has raised the profile of the league's charitable efforts, such as NBA Cares and Basketball Without Borders.

The NBA has become a global game on and off the court, with foreign players rising to stardom in the NBA. NBA programming is available in more than 200 countries and in 47 languages.

Stern has adapted to changes, and the NBA is a pro sports leader in social media with more than 270 million "likes" and "followers" on Facebook and Twitter.

Stern said he knew six months ago that Feb. 1, 2014, would be the date he would step down -- and that Silver was right man for job.

Silver, 50, in acknowledging his future role, praised Stern as being the best commissioner "of all time."

"What an honor to be in this position," Silver said. "I'm honored, thrilled and will do my absolute best to grow this league."

Stern, in his stewardship, transformed the league, as it distanced itself from fans' ambivalence, weak TV deals and minor sponsorships and endorsements. He can boast a strong record that has improved basketball for owners, players and fans.

Stern helped usher in an era of professional basketball in the USA â?? first as outside counsel with prominent sports law firm Proskauer Rose in the late 1960s and 1970s, then as the NBA's general counsel under Commissioner Larry O'Brien.

While much of Stern's record as commissioner is sterling, there are low points.

Chief among them: former referee Tim Donaghy' felony conviction in the gambling scandal; the infamous brawl between the Indiana Pacers and Detroit Pistons; labor stoppages in 1998-99 and 2011 which resulted in shortened seasons; the Gilbert Arenas-Javaris Crittenton gun incident inside the Washington Wizards' locker room and drug issues, including the permanent suspensions for John Drew in 1986, Roy Tarpley in 1995 and Michael Ray Richardson's two-year ban in 1986.

Stern said the Richardson situation "was not a great situation for me personally." But now Stern and Richardson, a basketball coach in London, Ontario, talk before the start of every NBA season.

Born in New York City, Stern, the son of a deli owner, grew up in the New Jersey suburb of Teaneck, attended Rutgers for his undergraduate degree and Columbia for his law degree.

Stern helped usher in an era of professional basketball in the USA â?? first as outside counsel with prominent sports law firm Proskauer Rose in the late 1960s and 1970s and then as the NBA's general counsel under then-Commissioner Larry O'Brien.

It was a transformative time for the league as it distanced itself from fans' ambivalence, weak TV deals and minor sponsorships and endorsements.

Magic Johnson and Larry Bird entered the league in 1980, Isiah Thomas in 1981, James Worthy and Dominique Wilkins in 1982, Clyde Drexler in 1983, and in Stern's first full year as commissioner, Hall of Famers Hakeem Olajuwon, Michael Jordan, Charles Barkley and John Stockton entered the league.

Combined with former ABA stars such as Julius Erving, George Gervin, Moses Malone, David Thompson, Artis Gilmore and Dan Issel, the NBA turned into a valued product for advertisers and fans in the 1980s. During the 1980s and early 1990s, the Los Angeles Lakers, Boston Celtics, Philadelphia 76ers and Detroit Pistons forged riveting rivalries, especially in the playoffs.

Jordan's emergence as a basketball star and as an endorser's dream (Nike, Gatorade, Hollywood) galvanized the NBA in the 1990s, the same period in which globalization of basketball took off -- thanks in part to the 1992 Barcelona Olympics, when NBA players were allowed to play in the Olympics for the first time.

"The Olympic team in 1992 was able to show the world how great our players were, despite some previous questions about the players and their place in the world," Stern said.

Stern said he will still be around for owners to kick around for the next 15 months as the succession plan unfolds. Minnesota Timberwolves owner Glen Taylor, outgoing chairman of the Board of Governors, said Stern will be available to owners and front-office executives at NBA headquarters even after Silver takes over and will be involved in international projects.

"We just think that his leadership will be important to our future," Taylor said.

However, it is clear Silver is in charge. In a February interview with USA TODAY Sports in a conference room adjoined to his Manhattan office, Stern made clear that Silver was the right person for the job, but that it ultimately would be the owners' decision.

Owners are clearly happy with Silver, who was the lead negotiator on the last collective bargaining agreement signed in December after a 149-day lockout.

"Not only did the owners see Adam as the logical leader, but I want to compliment David in the effort to make sure he had someone in place when he got to his point of making his announcement that he was going to resign," Taylor said.

Silver, a graduate of Duke and the University of Chicago Law School, joined the league in 1992 and has worked in several departments, including NBA Entertainment, chief of staff and legal.

He became Deputy Commissioner and chief operating officer in 2006 and took an active role in labor negotiating, fighting on behalf of owners to eliminate financial losses and create an economic system that allows more teams to compete for a title.

"I can't begin to express my gratitude for all the NBA has done for me over the last 20 years and all that it's provided me," Silver said. "I want to say to the players it's a privilege for me over the past 20 years to work with some of the greatest athletes in the world who play the greatest game in the world. From that standpoint, what an honor to be in this position. Lastly, the opportunities for this league are truly limitless."